HOW TO SAVE $70,000 IN 5 YEARS
Ross and Marie bought a home 4 years ago with zero down and an interest rate of 5.79%. They have two young kids, a car loan and other debts of around $25,000. that they were having trouble paying down, and were paying mostly interest.
They approached us two years ago to see if we could help. Because the value of the house was not sufficient to enable a refinance and the penalty was considerable, they had to wait.
This time the value came in higher and the penalty was modest enabling us to get them a new 5 year fixed rate mortgage at 3.14% and to pay off all their consumer debts which alone were costing them $746 a month. Since the new mortgage payment was only $35/mth higher and they no longer had any debt payments, they will now save a net $42,660 over the next years. Not only that but they will pay less mortgage interest because of the great rate we got them. We also suggested that they consider taking a 25 year amortization which they could readily afford, saving them 11 more years in mortgage payments. The total savings is in excess of $70,000 over the next 5 years.
They were absolutely shocked at how much our new mortgage was going to save them and Ross said “You just saved me two years wages in the next 5 years, I can’t believe it.” Not only that but their mortgage balance is going to be that much less too, at the end of the term.
Folks the above ‘success story’ is based on a small $125,000 mortgage. Just imagine the savings with a bigger mortgage. The average mortgage we do is over $225,000. If you are carrying ANY consumer debt, shed it now. Call us today for a mortgage checkup, and please please avoid getting into the new bank Collateral Mortgage product unless you are fully aware of all the pros and cons. We deal with over 40 lenders (including the banks) but we try not put anyone into one of these mortgages.
Call us today for an appointment to learn more. We are open from 8 a.m. to 8 p.m. weekdays, and Saturday from 9 to 5 to serve you.